NZDUSD Analysis – The Market Is Set for a Bearish Breakout
NZDUSD is bearish on the daily time frame. The daily candles are currently resting under the Moving Averages period fifty (blue) and twenty (yellow).
NZDUSD Key Levels
Resistance levels: 0.6550, 0.6380
Support levels: 0.6200, 0.6280
NZDUSD Long-Term Trend: Bearish
NZDUSD is set for a bearish breakout below 0.6280. The market was already oversold during the middle of May. The market experienced a bullish retracement in the bearish trend from 0.6280 to 0.6650. The bulls faced resistance at 0.6550 during the late part of May into June. The resistance level led to a bearish reversal to continue the downtrend. A double top was formed at the resistance level, which led to a displacement to the downside.
The previous low at 0.6280 was cleared with the bearish displacement. A new lower low was formed on the 14th of June at $0.6200. The market was oversold at the formation of the swing low. This led to a push to 0.6380. The market has moved back and forth between 0.6380 and 0.6200, forming a symmetrical triangle. A bearish breakout is set to play out in the market.
NZDUSD Short Term Trend: Bearish
NZDUSD market price action within the symmetrical triangle is clearer on the four-hour time frame. There was a bearish breakout below 0.6280. The bearish breakout led to the test of the ascended trend line. The market has risen from the oversold region and from the supporting trend line. The market is currently overbought, as seen on the Stochastic Indicator. A bearish breakout towards $0.6200 is currently anticipated.
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